Rebuild or buy new? 6 factors to consider after a natural disaster

Help your clients, and become their trusted real estate agent for life
  • After a natural disaster, homeowners should consult their homeowner’s insurance, consider building codes and costs, look into disaster cleanup and risk management, and figure out their opportunities in this stage of their life

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Hurricanes took "a toll on over 270,000 homes” this year. In Texas and Florida alone, damage is expected to exceed $150 billion. Such numbers aren’t isolated to one or two events. Other hurricanes, wildfires, tornados and other natural disasters happened in 2017 that led to even more damages and repair costs across the nation. Because of that, homeowners may need guidance about whether to rebuild or buy a new home after a disaster. Use the following six factors to help them make the decision more easily. Homeowner's insurance When a disaster hits a home, homeowners ought to revisit their home insurance policy. It governs whether homeowners receive replacement cost value coverage (RCV) or actual cash value coverage (ACV). That determination, in turn, affects how much the insurer will pay to cover damages and losses. You should also share that insurance settlements sometimes vary by situation, as in the case of electing not to rebuild. In addition, if a homeowner is...